New York Fed's Williams says tariff burden falls 'overwhelmingly' on U.S. businesses and consumers

John Williams, president and chief executive officer of the Federal Reserve Bank of New York, speaks during an Economic Club of New York (ECNY) event in New York, US, on Thursday, Sept. 4, 2025.American consumers and businesses are taking most of the hit from President Donald Trump's tariffs, New York Federal Reserve President John Williams said Tuesday in remarks that counter White House claims."The tariffs have overwhelmingly been borne domestically — a New York Fed analysis estimates that most of the bur ...